Description:
• CPA partnership practice in the heart of the South Plains growth area. • Historically stable revenues with increasing growth the past few years. Clients served include large agricultural operations, oil & gas manufacturers & service companies, royalty owners, professionals of various disciplines, small businesses, governmental & not-for-profit audits as well as income tax preparation only individuals. • Revenue mix is approximately 36% tax return preparation (69% individuals; 31% business & other); 28% accounting/write-up; 21% audits/reviews; 14% payroll and the balance consulting. • Discretionary cash flow to owner in 2019 before potentially duplicate expenses was approximately 32% of cash basis revenue. With 2020 fee adjustments of 15% to 30% that percentage should increase substantially. • Practice utilizes Ultra Tax, Accounting CS, Quickbooks and various other software platforms. • Eight professional/accounting staff and two administrative staff employees. • Office space is owner-occupied; seller is open to selling or leasing space to new practice owner. • Owners are looking forward to retirement after a long, successful career but anticipate assisting buyer through an appropriate transition period to maximize knowledge transfer and client retention.